Money lenders endorse FG’s sanitisation of Digital Lending Space

“Members of the public are hereby advised to only patronise licensed money lenders for their short-term loan needs,”

The  Money Lenders Association (MLA) in  Nigeria,  has endorsed and extolled efforts by  Federal Government to sanitise the digital lending space via its move to delist any loan application that harassed Nigerians.

Mr Gbemi Adelekan, President, MLA,  made this known while speaking with the media on the development in Lagos on Friday.

BRANDPOWER recalls  that the Federal Government through the Federal Competition and Consumer Protection Commission(FCCPC) said  it would ask Google to permanently delete such loan apps from its app store.

Chief Executive Officer, FCCPC, Mr Babatunde Irukera, said the commission was ready to permanently shut down the activities of these apps in response to the continued harassment of Nigerians by digital lenders.

The MLA president said the association condemned in its entirety,  the unprofessional act of harassment perpetrated by some unscrupulous lending organisations which were not MLA members.

He lauded the intervention of FCCPC in streamlining and sanitising the digital lending space to reduce and eliminate  activities of some lenders operating in an unethical manner.

“We are proud of the efforts of the FCCPC in this regard which has indeed attracted global recognition.

“The association actively collaborates with regulators and the state government to foster a better understanding of the money lending industry and address the practical challenges faced by our members in their daily operations.

“As part of our commitment to ethical practices, all members of our association adhere to a comprehensive code of practice which facilitates self-monitoring of activities to ensure compliance with state regulations to promote trust and confidence in our operations.

“In addition, we have been actively involved in educating the public about the precautions ought to be taken when applying for loans online.

“Members of the public are hereby advised to only patronise licensed money lenders for their short-term loan needs,” he said.

BRANDPOWER also reports that MLA is a non-profit organisation duly incorporated under the Laws of the Federal Republic of Nigeria to unite all credit companies operating under the Money Lenders Licence.

The association works toward the advancement of the money lending industry, safeguarding the interests of the public and customers involved in the money lending business.